Supplee-Biddle Hardware Co. v. Commissioner

JONES, Circuit Judge.

Supplee-Biddle Hardware Co. petitions for review of a decision of the Tax Court of the United States which sustained a deficiency determination by the Commissioner of Internal Revenue with respect to the taxpayer’s liability for income and excess profits taxes for the fiscal year ended June 30, 1937, and for income taxes for the fiscal year ended June 30, 1938.

The questions involved are (1) whether, in computing the surtax on its undistributed profits for the years in question, the taxpayer is entitled to a credit under Sec. 26 (c) (1) of the Revenue Act of 1936, 26…